349: When to Buy New vs. Used and is That Car Repair Worth the Cash?

The new vs. used car debate has been going on for as long as automobiles have existed. For almost the entirety of time when cars were being bought and sold, it seemed like a responsible, frugal decision to buy used, save up some money, and take the repairs with the deal. But inflation has changed this debate in 2022 (and beyond). Used car prices are high—sometimes even higher than new cars—prompting shoppers to reconsider what makes the most financial sense. In the first half of this show, we talk to Liz Frugalwoods, financial blogger and borderline professional at buying and selling cars. She recently made the bold decision to buy new—a shock to many of her readers. How could Liz, a financial independence expert, do something as careless as buying a brand-new car? Had she given up on the path to frugality? Not exactly. Liz shares some good reasons why buying new instead of used makes more sense, especially today. To close out the episode, we bring on local mechanic Jesse Johnson, who gives a brief masterclass on buying, selling, and maintaining cars. As a mechanic with decades of experience, he knows exactly what car owners do to slowly destroy their daily drivers. He also knows how to get the most bang for your buck and when it’s the right time to sell that clunker sitting in your driveway. In This Episode We Cover The reasoning (and math) behind buying a new car vs. buying a used car Taxes, registration, fees, and other trade-offs when buying new vs. used The most important questions to ask yourself when shopping for a vehicle Tips when selling a used car and the #1 thing to NEVER do What parts of a car are worth repairing and which can wait How to find a great mechanic in your area and get a free car wash Trade-in tips and what to know to get the most out of a dealer And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram The “Mile High FI” Podcast 1,500 Days to Freedom 1500 Days YouTube Channel Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Frugalwoods - Financial Independence and Simple Living Why We Bought a New Car Click here to check the full show notes: https://www.biggerpockets.com/blog/money-349 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices